M&S 15mth 0% Credit Card - Gone over Limit!

carlw

Hi,

I have been stoozing on several credit cards for a little while now, with all the cash earning interest elsewhere. I use my M&S CC to do my weekly food shop & petrol, and have a direct debit set up for the minimum payment each month. My weekly shop & petrol over the month, roughly equals the minimum payment. Keeping the balance at the same amount pretty much each month, which is near the limit.

Anyway, as you can probably guess from the title, I have taken my eye off the ball for a split second and managed to go over my limit by £4.50. I’ve spotted this today and made a payment to get the card back within the limit but this will take a few days to clear.

I’m going to give them a call on Monday, but has anyone else done this and what are the consequences? I know there will be at least a £12 charge but will the 0% be stopped?

Thanks

Carl

YorkshireBoy

carlw wrote: »

I’m going to give them a call on Monday

Have you tried ringing today? The sooner the better with this kind of breach.

but has anyone else done this and what are the consequences?

The consequences are usually loss of the promotional rate...backdated to the last statement date.

I know there will be at least a £12 charge

Plus an overlimit marker? Will your payment clear before the next statement is produced?

but will the 0% be stopped?

Your T&Cs say it "may" be (see condition 10c), but see what has happened to others in your position because I suspect it's anecdotal evidence you're after...not the theory.

A tip for the future...when you're approaching the limit (I tend not to exceed 90-95% or so) grab yourself another slow-stooz card.

izools

YorkshireBoy wrote: »

Plus a late payment marker.

Late payment markers aren't recorded for over limit instances on credit cards.

This can however be different for current account overdrafts depending on the bank.

YorkshireBoy

izools wrote: »

Late payment markers aren't recorded for over limit instances on credit cards.

Whoops...typo! (corrected)

It's possible that the account will show, for example...

Credit limit: £5,000
Balance: £5,030

...isn't it?

carlw

Thanks for your replys, ill give them a ring and post back with the outcome.

The statement date was just before I exceeding the limit, so my payment will clear before the next statement date. So i shouldn't receive an over limit marker.

Im going to increase the buffer on this card so this cant happen in future.

Im obviously more concerned about losing the promotional rate than the £12 fee, and as it probably looks like im high risk or that im stoozing, im worried M&S will be less flexible with waiving the fee, or not withdrawing the promotion. Wont know until i ring though....

izools

YorkshireBoy wrote: »

Whoops...typo! (corrected)

It's possible that the account will show, for example...

Credit limit: £5,000
Balance: £5,030

...isn't it?

Yes, but the status for the month will still be a [0].

I was approved for a Barclaycard Initial with £1,150 limit a couple of years ago with my Aqua account actually over limit at the time I applied so it mightn't make a notable difference especially as OP is bringing it straight back within the limit

carlw

Hi all,

Just got off the phone to M&S, and the first thing they did (after security) was virtually insist i increase the limit. They put me through to their underwritting dept, and she said how much do i want. I was a bit shocked so i said, well to be honest i just phoned to check i wouldnt lose the promotional rate, i have made a payment so i dont particularly need the limit increased. She said ok, shall i just increase it to £4750 (£250 increase) then? Then said thats all done for you and is available straight away!!! I said what about the promotional rate? she said i couldnt tell you, let me transfer you to customer services. Anyway, customer services confirmed i wouldnt lose the promotional rate, and said i may or may not recieve the £12 charge. Im pretty sure i will get the £12 charge, but the increase in rate was a nice result.

Thanks again everyone.

chattychappy

Seems like a nice outcome... but I wouldn't feel totally safe until I see the next statement!